Real Estate News

Sagaponack Mansion Goes For $10.86 Million In Foreclosure Sale

Staff Writer on Mar 6, 2020

Years in the making, the foreclosure sale of a developed property in Sagaponack Village — complete with a home, pool, pool house and tennis court — has finally come to pass.

According to The Real Estate Report Inc., 219 Sagaponack Main Street has been sold to a limited liability company for $10.86 million. The property, also known as 219 Sagg Main Street, was the subject of a foreclosure auction scheduled to take place on the steps of Southampton Town Hall in 2012. It was to be the second foreclosure in the history of the Village of Sagaponack, which incorporated in 2005.

However, town property records show no change in ownership since that auction was scheduled in 2012. The owner is still listed as 219 Sagg Main LLC, a limited liability company that belongs to Benjamin Ringel, the president and CEO of Armstrong Realty Management, a commercial and residential real estate management firm. Those records will be updated soon to reflect the new owner.

The estate on 3 acres by Sagaponack developer Michael Davis was completed in 2009 for Mr. Ringel. The 15,000-square-foot mansion has seven bedrooms and 8.5 baths. The Bank of Smithtown said in a 2011 court filing that it was an investment property and sought to foreclose on “matured mortgages in an aggregate sum of” $7,125,000.

In recent months, a variety of rental scams have targeted people looking for housing on the East End. While many renters were able to avoid the schemes after they wised up to what was happening, others have fallen victim. Scammers, who could be from out of state or even in another country, often use online advertisements that make it difficult for authorities to track them down. While police reports are somewhat frequent, arrests related to such scams are rare. As the public and the police catch on to the latest scams, grifters change their tactics. The best defense for renters ... by Brendan J. OReilly

New York State Assemblyman Fred W. Thiele Jr. of Sag Harbor bucked his caucus last week when he voted against legislation to prevent evictions during the COVID-19 crisis. A member of the Independence Party who caucuses with the Democrats, Mr. Thiele said in a statement Monday that the legislation, which ultimately passed the Assembly, was too broad. “As was the case with the 2019 Housing Act, this legislation fails to make a distinction between primary residences and seasonal rentals,” Mr. Thiele said. “The vagueness in these laws could lead to the possibility that a court will interpret these provisions as ...1 Jun 2020 by Brendan J. OReilly

Governor Andrew Cuomo’s moratorium on evictions during the COVID-19 crisis is overlapping with the first summer rental season that landlords are prohibited from collecting rent for a tenant’s entire stay upfront — though whether landlords really cannot get paid in advance is still a matter of debate. Either way, the convergence of the two issues had raised concerns among landlords and brokers alike that laws and executive orders meant to protect renters who are down on their luck can be abused by squatters who have the ability to pay but choose not to. The worry brought about by the state’s ...26 May 2020 by Brendan J. OReilly

A 1.2-acre Wainscott property with a 7,300-square-foot residence that overlooks Wainscott Pond and has ocean views has sold for $10.5 million, according to The Real Estate Report Inc. Built in 1992, the residence at 60 Beach Lane has eight bedrooms and 7.5 bathrooms. The two above-grade levels have a formal dining room, a library, an open kitchen, a dining room and a den. Both the living room and den have double-height ceilings. The finished basement offers a gym, wine cellar and laundry. Also among the amenities are a heated gunite pool and spa. Michael Schultz had the listing for Corcoran. ...25 May 2020 by Staff Writer

A modern estate in Southampton Village that was completed last year recently sold for $18 million, just $1 million shy of its asking price, according to The Real Estate Report Inc. Three separate structures — a main house, a pool house and a guest house — on 1.9 acres total 9,100 square feet. The main house has five bedrooms and 5.5 bathrooms. A double-height living room with a fireplace, a dining area, an eat-in chef’s kitchen and a den are all light-filled through the wall of glass that overlook the backyard. On the lower level, there’s a bar/lounge area, a ... by Staff Writer

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